Do you really need renters insurance?

+1 vote
asked Jan 24, 2019 in Insurance by brianhc16 (480 points)
Do you really need renters insurance?

3 Answers

0 votes
answered Jan 24, 2019 by Larry S (42,350 points)
Some Landlords will require you to have Renters Insurance as part of the rental and lease agreement so be sure to read over your rental and lease agreement to see whether the landlord requires you as the tenant to have renters insurance.

Some do require renters insurance while others do not.

If they do not require renters insurance then you don't have to purchase renters insurance but having renters insurance is a good idea anyway because it protects and replaces any damaged property or personal belongings you do have should something happen to the apartment or rental house and damages your belongings.

Renters Insurance usually also covers the replacement of any stolen items from your home, apartment and sometimes even your vehicle and when you're traveling.

Renters Insurance can be bought for around $8.00 to $12.00 per month which is way less than $1.00 per day so I would certainly get renters insurance when renting to protect my belongings.
0 votes
answered Jan 24, 2019 by marthale87 (400 points)
Having Renters Insurance is highly recommended even if you don't have to have it as part of your rental agreement.

Being without Renters Insurance can cost you more in the long run should your stuff get damaged or stolen.

I had several electronics stolen from an apartment a few years ago and I had renters insurance thankfully and the renters insurance paid me back for the stolen electronics which would've been very costly to replace out of pocket.

I paid only $8.00 per month for my renters insurance when I rented an apartment and it's well worth it.
0 votes
answered Dec 1, 2022 by Brazilnatzer (3,400 points)
Renters insurance is needed and most landlords will require renters insurance.

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